MikeSpy

MikeSpy

A lot of indicators are dictating that we are overbought and it is starting to look like a double top is forming. This could result in a retest of the 420s perhaps hitting the trendline that I have drawn in yellow. Of course if we can break above the two highs that we have painted than we can be more bullish; however, if we continue the drop and drop below our...

MikeSpy

This is it. This is the breaking point, the moment of absolute fear. Everything is looking doomed. The chart is showing complete capitulation. An incredible project that was seen by bulls as a soon to be billion dollar gem, now sits at 7 million in valuation. What made them so hyped? Well, they had an authenticity to them, they presented a simple vision but a...

MikeSpy

Just some art I was making, looks like we could break out for an options expiration surprise? 409.40-413.50 Good Luck.

MikeSpy

So I felt like we had a good shot to go down, today was wild and we managed to regain a lot of the losses but stalled out and formed a head and shoulders pattern. I think buyers are out of gas and we may get a sell off to end the week. Measured move on the channel, Measured move on H&S all point to 4100-4110. This is near max pain 404-405 on a critical options...

MikeSpy

So Max pain for 4/21 is 403 currently on SPY which tells me the street would be happy to see some downside in the coming days. Also looks like we rejected the upper trendline and are now testing the bottom of the channel. If we break it the measured move takes us to horizontal support. I am thinking we may have that sell off to close out the week. Good Luck :)...

MikeSpy Updated 

SPY looks like it will head lower, Interest rates on the 2yr and nearing all time high, 50pt rate hike fears are coming in. we closed under the trendline from the October lows after bouncing around it for the last couple days.

MikeSpy

So I have been watching the Investor day and this was basically the jist: 1) Tesla can lead the world in renewables and by 2050 Tesla will have a great market share of the renewable energy market. 2) AI is the future and so is electric cars, driving your car will be like the riding a horse... some day. 3) No new products coming anytime soon, no new vehicles...

MikeSpy

Just throwing this idea out based on our levels, I think rate hike fear will take us back to the "fear-zone" of 375-380. This will happen if the market is scared of a 50 pt rate hike and longer rate hikes causing a recession. On March 16th we get the decision for a 50 pt hike or 25 pt. If we get the 50 point I think the market will enter full fear and sell off...

MikeSpy

Lets meme it up. Wojak was thinking he could ride Tesla back to all time highs, he saw it was up 100% in just 1 month. Wojak thinks he will double his money easily in the next few months, the bull market is just getting started he says. He thinks to himself, we broke out of the trend line on the SNP500 Covid is Over. The fed is going to pivot. Lets go...

MikeSpy

I have been wanting to short Chipotle for a while now but It has been in this topping pattern for a while and so I never took a position. I wanted to throw out some ideas here. So the PE ratio of Chipotle is 50... I know no one is really using PE to judge companies anymore, but 50 feels very high to me. The old rule of thumb is that a company with a PE of 50...

MikeSpy

Well When I was bearish earlier this year I though TSLA would go to 150, and instead we went all the way to 100. Then I figured we would bounce back to 150 and we ended up going all the way to 200 lol I still think 145-150 is a good level so I am guessing we will go back there before earnings. The movement has been wild but I think it will settle at its initial...

MikeSpy

A lot of bulls have been calling a head and shoulder bottom which I have drawn in orange. We rejected twice on the weekly candle at the neckline of 415. The Ichimoku is starting to forecast a roll-over with the lagging span falling below the price. We are currently inside of the red cloud and it looks like we may drop out of it on the downside. Tomorrows close...

MikeSpy

With greed at extreme levels and retail eagerly buying this seems like a good place for institutions to trim their positions. Smart money inflow has been low during the rally and insiders have been selling shares in record numbers. The buying power of retail will probably dry up soon and that will lead to the next leg down. We may get what is called an "upthrust...

MikeSpy Updated 

Well the market surprised me... The "dumb" money actually pushed us up to our secondary peak that we had in august and formed an indecision candle. The Bulls will want to take us to 430 and are FOMOing in at full pace. Smart money has been sitting on the sidelines waiting for a dip (they were waiting even at the 400 level). I am a stubborn bear so I think there...

MikeSpy

I decided to try looking at the insider buys and sells recently to see if I can get an insight into what may happen in the coming months. I was specifically looking for CFO & COO buys and sells larger than 5% of their portfolio, I figure the CFO and COO have good insight into the company and if they are taking a sizable portion of their holdings it should...

MikeSpy

Well here we are again. It was a lot of chop but we are right back up to the old price range of 405-410 leading into an FOMC meeting. Today we had some low volume and a wick on the daily chart. The low volume signals to me that the bears gave up the fight early and are giving the bulls some room to run; however, the wick shows me that bulls are not ready to test...

MikeSpy

I feel we are about to experience a serious sell off. I am feeling this because of the divergences on the RSI and McLellan Oscillator. We are also stalling out at critical resistance. I am seeing a large inflow of dumb money which lines up with price corrections in the past. There is also the wallstreetbet sentiment that we must be going positive because an...

MikeSpy Updated 

I think we may have our short term bottom in for Tesla. Today was terrible for the company and the price hit a new low. We managed to recover back to previous lows which makes me think there could be room for a rebound and we should not really go much lower, it feels like the support is strong. I have drawn a bullish path in green. This could form a bear flag...